Your coverage is expired.
Renew!
-PJ
Posted on 09/20/2018 12:34:06 PM PDT by Oldeconomybuyer
John Hancock, one of the oldest and largest North American life insurers, will stop underwriting traditional life insurance and instead sell only interactive policies that track fitness and health data through wearable devices and smartphones, the company said on Wednesday.
The move by the 156-year-old insurer, owned by Canada's Manulife Financial Corp, marks a major shift for the company, which unveiled its first interactive life insurance policy in 2015. It is now applying the model across all of its life coverage.
Interactive life insurance, pioneered by John Hancock's partner the Vitality Group, is already well-established in South Africa and Britain and is becoming more widespread in the United States.
Policyholders score premium discounts for hitting exercise targets tracked on wearable devices such as a Fitbit or Apple Watch and get gift cards for retail stores and other perks by logging their workouts and healthy food purchases in an app.
In theory, everybody wins, as policyholders are incentivized to adopt healthy habits and insurance companies collect more premiums and pay less in claims if customers live longer.
(Excerpt) Read more at nbcnews.com ...
not really. Having worked in the industry for years, I can tell you that they are pretty savvy in investing in long term real estate (mostly commercial) and have done very well.
Life insurance, contrary to p/c (property and casualty) does not attempt to deny very many claims. If you are dead, then well.... you are dead. As far as the collapse of premiums, that is due almost entirely to longevity stats. While that means term policies for 34 year olds are just stupid cheap, it ALSO means that more 60-70 year olds are still alive and active and in need of a policy.
I “retired” 4 years ago, but due to family issues (a grandson with severe needs), I find that I am concerned that my savings may not be enough to fund a trust for him if I die after 70. Up until 70, I have a substantive policy that will pay and be able to fund any needs my wife has as well as my grandson’s needs. It is term, though and I will probably need a quarter of a million dollar policy (the most they will sell you at age 70), which will cost me more than the current one I have, which has a death benefit several multiples higher than the 250K. I am just one of the blue haired crowd who needs coverage at a late date, and those policies are MUCH more lucrative.
I sold this stuff for 20 years and had my own company for 15.
I actually LIKE what JHancock is doing. It is private and free market. If you don’t want to give them your private info, guess what? YOU DON’T HAVE TO. You can go with Prudential or NY Life or whoever you wish. However, if you are like me and don’t smoke, overdrink, do drugs, take meds for hbp or cholesterol and are fit/healthy, DO YOU WANT YOUR RATES TO BE TAILOR MADE TO DISCOUNT FOR YOUR LIFESTYLE? Only an idiot would say no.
Your coverage is expired.
Renew!
-PJ
Stick it on your child's arm and watch those premiums PLUNGE.
I thought weight and blood work and full access to Dr’s records would give them all the info they needed to determine “health”.
What an invasion. Probably others will follow.
Yaelle, though tongue in cheek, you're spot on.
“healthy food purchases”
i looked up what JH claims is “healthy food” ... just as i thought: grains, fruit, veg oil good; meat, saturated fat bad
“The dirty little secret here is that many life insurance companies are looking for excuses to get out of the business altogether. “
i don’t know why they need “excuses” to exit a business that’s not making money ... there are no regulators that i’m aware of ordering insurance companies to sell life insurance ...
“Can you hire a fit, active guy to wear one for you? Maybe he could get paid to wear four or five on each arm.”
my very first thought ...
This news makes me want to go out and get an order of chili cheese fries and an extra large Coke.
“Will our diet be soylent green?”
only if it’s low in saturated fat and salt ...
Just put the tracker on your 15 year old nephew to get the best rates available.
They should make everyone of their policy holders wear a S**tBit. Something that will allow them to collect and analyze stool samples throughout their days.
That would be more sciency.
I am appalled by a current car commercial which touts the fact that the vehicle is equipped to electronically rat out a teen driver who goes “farther, faster or later than he’s supposed to”.
We’re indoctrinating an entire generation to accept being spied on. Not good!
It’s fine as long as people aren’t forced to buy health insurance.
If you like you life insurance you can keep your insurance
How long till someone comes up with a fitbit hack to give you a perfect score? LOL
Yep.
Unfreakingbelievable.
Oh, you have the “little book” Senator Harris was referring to?
Put it on an alley cat at night. They walk several miles, do some running and jumping, and get that pulse rate up if they meet another tom.
Since they sleep all day, another option is needed for those hours.
You knew this was coming. Followed soon by the Mark of the Beast.
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